That’s according to Chris Pilling, CEO of Complinet, one of the world’s leading providers of regulatory information and insight.
“It doesn’t matter what tools you use or whether they are being wielded by the Treasury, the Bank of England or some random three letter acronym. It is vital to get specific and appropriate legislation in place,” says Pilling.
“The real issue is that without proper reorganisation within financial services firms, without a culture of compliance where ethical behaviour, products and services are rewarded, nothing can ever change. The FSA has not failed - firms at every level have failed to put controls in place to anticipate, measure and address levels of compliance and risk.”
Pilling’s comments echo the views of David DeMuro, former Head of Compliance at Lehman Brothers when speaking at a recent Complinet event. DeMuro said: “When there’s money to be made, it’s very difficult to walk away.”
